Commentary and chart analysis featuring Elliott Wave Theory, classic TA, and frequent doses of sarcasm.
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Monday, March 22, 2021
SPX Update: Thanks Again, Stockcharts
Friday, March 19, 2021
SPX Update
Wednesday, March 17, 2021
SPX Update
Monday, March 15, 2021
SPX Update: Keeping It Simple
Friday, March 12, 2021
Forum Issues -- RESOLVED
SPX Update
Yesterday, SPX made a new ATH, which means the market did indeed form the most rare pattern at this degree -- the ultra-rare triple-three (WXYXZ). I don't think I've seen more than a dozen triple threes in the past two decades, and certainly not at this degree.
This also means that my original read of Feb. 17 of a b-wave at the high was correct -- but due to the rarity of the subsequent pattern, the market sure made me second guess that first read.
So where are we now? There are two possibilities:
1. Yesterday's new high was/is part of a fifth wave (standard or extended; bulls would need to keep making new ATHs for this iteration of an extended fifth to stay on the table, obviously).
2. Yesterday's high was wave C of a complex flat (discussed previously).
In conclusion, it's enough to be aware of the options at this stage; we'll need a bit more from the market to parse them. Trade safe.